Scribd Logo
Upload

Welcome to Scribd!

  • 70 views

    Geographic Demographic Socioeconomic Psychographic Behavioral

    Uploaded by

    Bryne Boish
    A target market is a specific group of consumers that a company aims its products and services towards. Companies should identify target customers based on demographics like age, gender, income, and location to best meet their needs. There are several strategies for reaching target markets, including mass marketing towards a wide audience, differentiated marketing with separate offerings for each segment, and concentrated marketing focusing on one specific segment. Direct marketing through consumer databases is one way for sales teams to reach target markets.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd

    Geographic Demographic Socioeconomic Psychographic Behavioral

    Uploaded by

    Bryne Boish
    70 views1 page
    A target market is a specific group of consumers that a company aims its products and services towards. Companies should identify target customers based on demographics like age, gender, income, and location to best meet their needs. There are several strategies for reaching target markets, including mass marketing towards a wide audience, differentiated marketing with separate offerings for each segment, and concentrated marketing focusing on one specific segment. Direct marketing through consumer databases is one way for sales teams to reach target markets.

    Original Title

    Definition

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    A target market is a specific group of consumers that a company aims its products and services towards. Companies should identify target customers based on demographics like age, gender, income, and location to best meet their needs. There are several strategies for reaching target markets, including mass marketing towards a wide audience, differentiated marketing with separate offerings for each segment, and concentrated marketing focusing on one specific segment. Direct marketing through consumer databases is one way for sales teams to reach target markets.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    70 views1 page

    Geographic Demographic Socioeconomic Psychographic Behavioral

    Uploaded by

    Bryne Boish
    A target market is a specific group of consumers that a company aims its products and services towards. Companies should identify target customers based on demographics like age, gender, income, and location to best meet their needs. There are several strategies for reaching target markets, including mass marketing towards a wide audience, differentiated marketing with separate offerings for each segment, and concentrated marketing focusing on one specific segment. Direct marketing through consumer databases is one way for sales teams to reach target markets.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Definition: A specific group of consumers at which a company aims its products and services

    Your target customers are those who are most likely to buy from you. Resist the temptation to be too general in the hopes of getting a larger slice of the market. That's like firing 10 bullets in random directions instead of aiming just one dead center of the mark--expensive and dangerous.Here are some questions to get you started: Are your target customers male or female?How old are they?Where do they live? Is geography a limiting factor for any reason?What do they do for a living?How much money do they make? This is most significant if you're selling relatively expensive or luxury items. Most people can afford a carob bar. You can't say the same of custom murals.What other aspects of their lives matter? If you're launching a roof-tiling service, your target customers probably own their homes. Target markets can be separated by the following aspects: Geographic segmentations, addresses (their location climate region) demographic/socioeconomic segmentation (gender, age, income, occupation, education, household size, and stage in the family life cycle) psychographic segmentation (similar attitudes, values, and lifestyles) behavioral segmentation (occasions, degree of loyalty) product-related segmentation (relationship to a product) Strategies for Reaching Target Markets Marketers have outlined four basic strategies to satisfy target markets: undifferentiated marketing or mass marketing, differentiated marketing, concentrated marketing, and micromarketing/ niche marketing. Mass marketing is a market coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer. It is the type of marketing (or attempting to sell through persuasion) of a product to a wide audience. The idea is to broadcast a message that will reach the largest number of people possible. Traditionally mass marketing has focused on radio, television and newspapers as the medium used to reach this broad audience. A differentiated marketing strategy is one where the company decides to provide separate offerings to each different market segment that it targets. It is also called multisegment marketing and as is clearly seen that it tries to appeal to multiple segments in the market. Each segment is targeted uniquely as the company provides unique benefits to different segments. It increases the total sales but at the expense of increase in the cost of investing in the business. Concentrated marketing is a strategy which targets very defined and specific segments of the consumer population. It is particularly effective for small companies with limited resources as it does not believe in the use of mass production, mass distribution and mass advertising. There is no increase in the total Profits of the sales as it targets just one segment of the market. For sales teams, one way to reach out to target markets is through direct marketing. This is done by buying consumer database based on the segmentation profiles you have defined. This database usually comes with consumer contacts (e.g. email, mobile no., home no., etc.). Caution is recommended when undertaking direct marketing efforts check the targeted country's direct marketing law
    [2]

    Marketing strategy is defined by David Aaker as a process that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive [1] advantage. Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company and the formulation, evaluation and selection of market-oriented [2] strategies and therefore contribute to the goals of the company and its marketing objectives.

    You might also like